Two-Family Attached
For Sale
$550,000
1422 Castleton Avenue, Staten Island, NY 10302
Legal two-family property with separate heating systems, electric meters, and tenant-paid utilities.
Property Size1,176 SF
Days on Market111
Property Features for 1422 Castleton Avenue
General Information
Standard status
Active
Size
1,176 SF
Property subtype
Residential Income
Zoning
R3A
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,950
Building Details
Building Size
1,176 SF
Year Built
1925
Buildings
1
Stories
2
Listing Agency:
RE/MAX Elite
(646) 358-0576
Listed By:
Christopher C Romanelli · License #10401208964
(646) 358-0576
Source:
Kirinny
Added: May 13
Changed: Aug 29
Last Checked: Aug 30 at 5:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Elite
Investment Insights
Based on property information with market context.
Built in 1925, this legal two-family attached property contains two separate one-bedroom, one-bathroom residences. The upper and lower units each offer a compact residential layout, while the lower residence connects to a full unfinished basement used for storage. Separate heating systems and electric meters support independent operation, and each tenant handles their own utilities.
Both apartments are occupied by long-term tenants, providing current rental income. The property is situated in Port Richmond near various transportation options and carries R3A zoning.
Both apartments are occupied by long-term tenants, providing current rental income. The property is situated in Port Richmond near various transportation options and carries R3A zoning.
Key Highlights
- Two legal residential units, each with 1 bedroom and 1 bathroom
- Full unfinished basement connected to the lower unit and used for storage
- Separate heating systems and electric meters for the two residences
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,245
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$584,900
$584.9K
Cap Rate 7%
$417,786
$417.8K
Cap Rate 9%
$324,944
$324.9K
Market Conditions
NOI Build-Up for 1,176 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$43.7K $37.20/SF
− Vacancy
−$2.0K −$1.67/SF
EGI
$41.8K $35.53/SF
− OpEx
−$12.5K −$10.66/SF
NOI
$29.2K $24.87/SF
Area
Staten Island, NY
Vacancy
4.50%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$584,900
Cap Rate 7%
$417,786
Cap Rate 9%
$324,944
Alternative Uses
Best Use
Multifamily LT 5
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$372.6K
$326.0K – $434.7K
NOI $26,079 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$561.1K
$491.0K – $654.7K
NOI $39,279 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 10302, NY
20,931
Population
6,927
Households
3
Avg Household Size
35
Median Age
29%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
17,443
Density / Sq Mi
$76,089
Median Household Income
$43,608
Median Earnings
$1,800
Median Rent
$586,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with separate heating systems, electric meters, and tenant-paid utilities.
Where is this duplex located?
The property is located at 1422 Castleton Avenue Staten Island, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two legal residential units, each with 1 bedroom and 1 bathroom; Full unfinished basement connected to the lower unit and used for storage; Separate heating systems and electric meters for the two residences
